Final answer:
A change-of-plan provision is true and permits the policyowner to exchange their current life insurance policy for a different contract, thus providing flexibility to adapt to changing needs.
Step-by-step explanation:
A change-of-plan provision does indeed permit the policyowner to exchange his or her present policy for a different life insurance contract. This is true. This type of provision is valuable as it offers flexibility to the policyholder, allowing them to alter their life insurance coverage as their needs evolve over time without having to cancel their current policy and apply for a new one. This could involve changing from term life insurance to whole life insurance, or modifying the policy to adjust the benefit amount or premiums.